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One in four travel companies not compliant with FSA rules

FSA - Financial Services Authority

World First Travel Insurance says that despite the introduction of new regulations on 1 January, more than 25% of travel companies are still not compliant with the rules from the Financial Services Authority (FSA) for selling travel insurance.

 

World First reviewed 400 travel sites advertising, arranging or selling travel insurance, measuring them against the FSA’s regulations. It discovered that more than 25% of sites are falling short in several areas, and in some cases acting illegally. The three most common mistakes made are:

  1. Appointed representatives are omitting to display their status and the insurer for whom they act

  2. Non-registered operators are continuing to state that insurance can be arranged and are including details of cover and premiums, in direct contravention of FSA guidelines

  3. Non-regulated travel businesses are continuing to advertise travel insurance, ‘recommending’ or ‘advising’ specific insurers, which is also a breach of FSA regulations.

 

Martin Rothwell of World First Travel Insurance says, “Travel agents seem to be overlooking key paperwork and website updates. They need to realise that if they don’t make the changes they are in contravention of FSA rules and this could have real consequences.”

   

Travel insurance: News update: 03/04/2009

 

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